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HOUSING MARKET IN HANOI & HOCHIMINH CITY November 2013, W&S Company Limited
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RESEARCH CONTENTS
PART 2. RESEARCH INFORMATION
PART 3. EXECUTIVE SUMMARY
PART 4. RESEARCH FINDINGS
PART 1. RESPONDENT PROFILE
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PART 1. RESPONDENT PROFILE
50.0 50.0
Province
Hanoi(n=100)
Ho Chi Minh city(n=100)
42.0
58.0
Gender
Male (n=84)
Female (n=116)
62.5
37.5
25 - 30 years old (n=125)
31 - 40 years old (n=75)
Age
32.5 33.0 34.5
7,500,000 - 14,999,999 VND
(n=65)
15,000,000 - 19,999,999 VND
(n=66)
20,000,000 - 30,000,000 VND
(n=69)
Monthly household income
Unit (%)
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Research method : Quantitative – Online research
Timing : 1st – 15th October 2013
Sample size : 200
Research area : Hanoi & Ho Chi Minh City
Sampling method : Internet sampling
Target respondents :
Monthly household income: 7,500,000 – 30,000,000 VND
Age: 25 – 40 years old
Having intention to buy a house in the next 2 years
Research objective :
Exploring the features of the house that the respondents intend to buy
Elements affecting house purchase decision
Housing segments by psychological factors
PART 2. RESEARCH INFORMATION
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[1] 71.0% of the respondents intend to buy a house within the next 1 – 2 years
41% of the respondents choose the next 1.5 – 2 years as the intended time of purchase, regardless of area or SEC.
The areas in Hanoi and Ho Chi Minh city chosen as the intended places for purchase within the next 2 years are:
Hanoi: Cau Giay District (22.0%), Ha Dong Distict (15.0%), Thanh Xuan District (10.0%).
Ho Chi Minh city: Go Vap District (11.0%), Thu Duc District and District 7 (both with 9.0%).
[2] More than half of the respondents intend to buy Row houses to live (57.5%)
SEC groups: Row houses is most considered for purchasing in the future by all groups.
Area groups: The Hanoi group prefers Apartments more than the HCMC group with the respective percentages of
54.0% and 28.0%. In Ho Chi Minh city, Row houses is more preferred with 72.0% compared to 28.0% in Hanoi city.
[3] More than half of the respondents prefer Direct payment method between sellers and buyers
Nearly 60% of the participants select this method if buying a house within the next 2 years, regardless of area, gender, age
or SEC.
[4] 8 out of 10 respondents choose to have loans for buying a house within the next 2 years (1)
In which, Loans from family / relatives and Bank loans are chosen more than other types with the respective
percentages of 65.0% and 62.5%.
Besides having loans, there is still 21.0% of the respondents choosing Gifted money from family / relatives and 14.5%
will buy a house if saving enough money in the next 2 years.
PART 3. EXCUTIVE SUMMARY
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[4] 8 out of 10 respondents choose to have loans for buying a house within the next 2 years (2)
In terms of living area and SEC, Bank loans is preferred to other types of loans by the respondents living in Ho Chi Minh
city, or the group with monthly household income from 20,000,000 – 30,000,000 VND. Meanwhile, Loans from family /
relatives is chosen more by the respondents living in Hanoi, or the group with income from 7,500,000 – 19,999,999
VND / Month.
[5] The choice for the level of financial support / loans is different among the groups
Specifically, for the group choosing Gifted money from family / relatives, the highest level of support is 10% - 20% of
the house price (26.2%). For the group choosing to have Loans, the loan amount is 31% - 50% of the house price
(33.8%).
[6] 46.5% of the respondents intend to buy a house with the floor area from 40 – 60m2 to live in the next 2 years
For Row houses, ground area is mostly selected from 40 – 50m2 (29.1%) compared to floor area of 51 – 60m2 for
Apartments (23.2%).
In addition, 40% of the respondents in Hanoi have intended to buy Row houses with ground area of 40 – 50m2 and area
of 81 – 100m2 for Apartments (24.1%). Meanwhile, the respondents in Ho Chi Minh city tend to buy Row houses and
Apartments with the average area of 51 – 60m2.
The ground area of 40 – 60m2 is mostly preferred for Row houses by all SECs. However, there is quite a difference in
term of the area of the intended Apartment by income.
[7] 2 out of 5 participants in Hanoi and Ho Chi Minh city intend to buy a house with the price of 500 million – under 1
billion VND (1)
Specifically, 21.5% of the respondents intend to buy a house with the price of 500 – under 800 million VND and 19.0%
intend the price of 800 million – under 1 billion VND in the next 2 years.
PART 3. EXCUTIVE SUMMARY
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[7] ] 2 out of 5 participants in Hanoi and Ho Chi Minh city intend to buy a house with the price of 500 million – under 1
billion VND (2)
Regarding types of house, 20.5% of the respondents intend to buy Row houses with the price of 500 – under 800 million
VND while Apartments is from 800 million – under 1 billion VND (24.4%).
The price of the intended house changes with area. For example, the intended price for the ground area of under 100m2 is
500 – under 800 million VND and 1.5 – under 2 billion VND for the ground area of over 100m2 for Row houses.
The price of the intended purchase house is different between Hanoi and Ho Chi Minh city. Specifically, for the Hanoi
group, Row houses has the intended price of 1.5 - under 2 billion VND (24.4%), and that number is 800 million –
under 1 billion VND for Apartments (24.1%). On the other hand, those two types of house have the intended price of
500 – under 800 million VND for the respondents in Ho Chi Minh city.
In addition, the group with MHI from 7,500,000 – 14,999,999 intend to buy a house with price of under 1 billion VND
for both Row houses and Apartments. Meanwhile, the other MHI groups tend to buy a house of both types with the price
of over 1 billion VND.
[8] Word – of – mouth and real estate websites are the two most considered information channels
Up to 80.0% of the respondents look for more housing information from Family / Relatives and 72.0% asks this
information from Friends / Colleagues when buying houses. Also, nearly ¾ of the respondents will search for housing
information via Real estate websites (67.0%) or Official website of real estate companies (61.5%).
However, when mentioning the most trusted sources of information, 35.5% of the respondents choose Recommendation
from Family / Relatives, which is followed by Real estate website (19.5%).
[9] One of the most considered factors when buying a house is Want have a stable place, with 65.5%
The next three important reasons for buying a house are Want to have a separate place for my family (53.3%); Get
more space for myself (49.0%) and Have accumulated enough money / fund to buy a house (42.0%).
PART 3. EXCUTIVE SUMMARY
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[10] To attract buyers, a house needs to satisfy 3 elements: Price & Legality, Structure & Facility and Home location
1. Price & Legality (4.30 / 5 point): Buyers are quite interested in general Price factor, payment method and assurance
on legal issues of a house.
2. Structure & Facility (4.09/5 point): A house must be ensured with structural integrity, drainage system,
communication system, general security, etc.
3. Home location (3.89 / 5 point): A house needs to satisfy requirements such as: Near markets / Grocery / Food
stores / Supermarkets / Commercial centers / School / etc.
Regarding Apartments, important elements that should be ensured are: Apartment sales contract (4.62 point),
Ownership period (4.35 point), Usable space (4.35 point), Security system (4.34 point), Technical infrastructure of
apartments (4.33 point)…
[11] According to the results of cluster analysis, there are 4 typical psychological groups in the society affecting house
purchase decision:
1. Emotionally volatile group
2. Agreeable group
3. Well-organized group
4. Extravert & understanding group
‘Assurance of legal issues when buying a house’ in ‘Price & Legality’ is a highly considered element when buying a
house for all 4 psychological groups. Next, for the ‘Structure & Facility’ factor, all 4 groups are concerned of ‘Security
with the house surroundings’. Finally, for ‘Home location’ factor, each of the groups has different choice of location and
nearby accommodations.
PART 3. EXCUTIVE SUMMARY
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PART 4: RESEARCH FINDINGS
FEATURES OF THE INTENDED HOUSE BY PSYCHOLOGICAL FACTORS
OVERVIEW OF THE INTENTION TO BUY A HOUSE 1
SOURSES OF INFORMATION AND INFLUENCE FACTORS
REQUIRED ELEMENTS OF A HOUSE
2
3
4
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1 TỔNG QUAN VỀ NGÔI NHÀ
ĐỊNH MUA
1 OVERVIEW OF THE INTENTION TO BUY A HOUSE
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1. TIME
41.0% of the respondents plan to buy a house in the next 1.5 – 2 years.
Q. Please tell us when you intend to buy a house? [SA] n=200
More than 7 out of 10 respondents intend to buy a house in the next 1 – 2 years
29.0
30.0
41.0
Within the next year
During the next 1 - 1.5 years
During the next 1.5 - 2 years
Figure 1.1. Estimated time of future house purchase
Unit (%)
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Besides the most expected time to buy a house in both of areas is from 1.5 – 2 years, the percentage of buying a house within the next year in Chi Minh city is higher than in Hanoi, with 31.0% compared to 29.0%.
Q. Please tell us when you intend to buy a house? [SA] n=200 Q. Please tell us where you are currently living? [SA] n=200
There is a difference in the estimated time of future house purchase between Hanoi & Ho Chi Minh city
29.0
30.0
41.0
Within the next year
During the next 1 - 1.5 years
During the next 1.5 - 2 years
Hà Nội (n=100)
31.0
25.0
44.0
Within the next year
During the next 1 - 1.5 years
During the next 1.5 - 2 years
Tp.HCM (n=100)
Figure 1.2. Estimated time of future house purchase – By area
1. TIME
Unit (%)
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11% respondents in Ho Chi Minh city choose to buy a house in Go Vap district, while 22% respondents in Hanoi choose Cau Giay district. The next choices are Thu Duc Dist., Dist. 7 (HCMC) and Ha Dong Dist., Thanh Xuan Dist. (Ha Noi).
Q. Please let us know where you intend to buy a house in HCMC? [SA] n=100
1.0
1.0
1.0
1.0
1.0
1.0
1.0
2.0
2.0
4.0
6.0
7.0
8.0
8.0
9.0
10.0
15.0
22.0
Ba Dinh District
Hoan Kiem District
Dong Anh District
Soc Son District
Ba Vi District
My Duc District
Thuong Tin District
Tay Ho District
Thanh Tri District
Gia Lam District
Dong Da District
Hai Ba Trung District
Hoang Mai District
Long Bien District
Tu Liem District
Thanh Xuan District
Ha Dong District
Cau Giay District
Figure 1.3. Area intended to buy a house – By area
Go Vap and Cau Giay are the two districts that more respondents intend to buy a house in the future
1. TIME
Hanoi (n=100)
Q. Please let us know where you intend to buy a house in Hanoi? [SA] n=100 Unit (%)
1.0 1.0
2.0
2.0 2.0
3.0 3.0 3.0
3.0 4.0
4.0 5.0
5.0 5.0
6.0
6.0 8.0 8.0
9.0
9.0
11.0
District 11
Phu Nhuan District
District 5
District 6
District 8
District 3
District 4
District 10
Hoc Mon District
District 2
Binh Tan District
Binh Thanh District
Binh Chanh District
Nha Be District
District 9
Tan Binh District
District 12
Tan Phuc District
District 7
Thu Duc District
Go Vap District
Hochiminh city (n=100)
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Apart from Row houses, Apartments are quite considered at the moment with 41.0%.
Q. Please tell us what kind of house you want to buy in the next 2 years? [SA] n=200
More than half of the surveyed people intend to buy Row houses in the next 2 years (58.5%)
Row houses (58.5%)
1
Figure 2.1. Kinds of house to buy
2. KINDS OF HOUSE
Apartments (41.0%)
2
Villas (0.5%)
3
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While Row houses is more preferred in Ho Chi Minh city (72.0%), Apartments is more considered in Hanoi (54.0%).
There is quite a difference about the kind of intended house by area
Row houses
• 72.0%
Apartments
• 28.0%
Apartments
• 54.0%
Row houses
• 45.0%
Villas
• 1.0%
Q. Please tell us what kind of house you want to buy in the next 2 years? [SA] n=200 Q. Please tell us where you are currently living? [SA] n=200
Figure 2.2. Kinds of house to buy– By area
Ho Chi Minh city (n=100) Hanoi (n=100)
2. KINDS OF HOUSE
Unit (%)
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Row houses Apartments Villas
7,500,000 - 14,999,999 VND (n=65)
56.9 43.1 0.0
15,000,000 - 19,999,999 VND (n=66)
60.6 39.4 0.0
20,000,000 - 30,0000,000 VND (n=69)
58.0 40.6 1.4
56.9% of the income group of 7,500,000 – 14,999,999 VND chooses Row houses, while it is 60.6% for group of 15,000,000 – 19,999,999 VND and 58.0% for the group of 20,000,000 – 30,000,000 VND.
All three income groups intend to buy Row houses in the future
Q. Please tell us what kind of house you want to buy in the next 2 years? [SA] n=200 Q. Please tell us your monthly household income after tax? [SA] n=200
Figure 2.3. Kinds of houses to buy – By SEC
2. KINDS OF HOUSE
Unit (%)
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Q. Please tell us what payment method you would like to use when buying a house? [SA] n=200
Figure 3.1. Payment methods
Bank payment service is chosen by 40% of the respondents.
The majority of the respondents wants to use ‘Direct payment between seller and buyer’ method when buying a house
3. PAYMENT METHODS
59.5
40.0
0.5
Direct payment between seller and buyer
Bank payment service
Others
Unit (%)
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0.0 1.0
41.0 39.0
59.0 60.0
Hanoi HCMC
Direct payment between seller and buyer
Service paid through bank
Others
Q. Please tell us what payment method you would like to use when buying a house? [SA] n=200 Q. Please tell us where you are currently living? [SA] n=200
‘Direct payment between seller and buyer’ method is still preferred in both Hanoi and Ho Chi Minh city.
The choice of payment method is not different between the 2 areas
3. PAYMENT METHODS
Figure 3.2. Payment methods – By Area
Unit (%)
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Direct payment between seller and buyer
Bank payment service Others
7,500,000 - 14,999,999 VND 61.5 38.5 0
15.000.000 - 19.999.999 VND 60.6 39.4 0
20,000,000 - 30,0000,000 VND 56.5 42.0 1.4
Q. Please tell us what payment method you would like to use when buying a house? [SA] n=200 Q. Please tell us your monthly household income after tax? [SA] n=200
Figure 3.3. Payment methods – By SEC
For the three income groups of 7,500,000 – 14,999,999 VND, 15,000,000 – 19,999,999 VND and 20,000,000 – 30,000,000 VND the percentages of the respondents choosing this method are 61.6%, 60.6% and 56.5% , respectively.
All three income groups prefer ‘Direct payment between seller and buyer’ method
3. PAYMENT METHODS
Unit (%)
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Q. Please tell us which financial assistance / loans you will use to buy a house? [MA] n=200
Gifted money from family / relatives (21.0%)
Loans (80.0%)
I only buy a house with my savings (14.5%)
Figure 4.1. Financing methods used when buying a house
Among forms of loans, Loans from family / relatives (65.0%) and Bank loans (62.5%) are the most preferred.
80.0% of the respondents intend to borrow when buying a house
4. FINANCING METHODS
(n=160)
Unit (%)
0.6 6.3
28.1
62.5 65.0
Others Loans from other funds:
Women funds, veteran funds,
company funds,…
Loans from friends /
colleagues
Bank loans Loans from family / relatives
※ Loans
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The percentages of respondents choosing Loans in Hanoi and Ho Chi Minh city are 82.0% and 78.0%, respectively. In which, most respondents in Hanoi intend to get Loans from family / relatives with 67.1% while 66.7% of the respondents in Ho Chi Minh city choose Bank loans.
13.0
82.0
23.0
16.0
78.0
19.0
Ho Chi Minh city Hanoi
Loans from family / relatives
Loans
I only buy a house with my savings
Q. Please tell us which financial assistance / loans you will use to buy a house? [MA] n=200 Q. Please tell us where you are currently living? [SA] n=200
Figure 4.2. Financing methods used when buying a house – By area
The Hanoi group tends to choose Loans more than the Ho Chi Minh city group
4. FINANCING METHODS
(n=160)
Unit (%)
67.1 62.8
58.5
66.7
36.6
19.2
8.5 3.8
Hanoi Ho Chi Minh city
※ Loans by area
Loans from family / relatives
Bank loans
Loans from friends / colleagues
Loans from other funds: Women funds, veteran funds, company funds,…
Others
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Set aside Loans, the group with monthly household income (MHI) from 7,500,000 – 14,999,999 VND is more likely to choose Gifted money from family / relatives (18.5%). Meanwhile, the other two groups are more likely to buy a house with Own savings.
Regarding forms of Loans, Loans from family / relatives is most preferred by MHI from 7,500,000 – 14,999,999 VND, and Bank loans is most selected by MHI from 20,000,000 – 30,000,000 VND (77.2%).
16.9
80.0
18.5
7,500,000 – 14,999,999 VND
15,000,000 – 19,999,999 VND
20,000,000 – 30,000,000 VND
Q. Please tell us which financial assistance / loans you will use to buy a house? [MA] n=200 Q. Please tell us your monthly household income after tax? [SA] n=200
Buying a house with loans is the most chosen method by all SEC groups
4. FINANCING METHODS
Figure 4.3. Financial forms used when buying a house – By SEC
Gifted money from family / relatives
Loans
I only buy a house with my savings
25.8
77.3
15.2
18.8
82.6
11.6
(n=160)
Unit (%)
7.500.000 - 14.999.999 VND
15.000.000 - 19.999.999 VND
20.000.000 - 30.0000.000 VND
※Loans by SEC
Loans from family / relatives
Bank loans
Loans from friends / colleagues
Loans from other funds: Women funds, veteran funds, company funds,…
Others
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For the group receiving Gifted money from family / relatives, 26.2% of those answered that they could get from 10 – 20% of the house value. 33.8% of the group selecting Loans could receive the support from 31 – 50% of the house value.
Q. Please tell us the level of financial support from your family / relatives to buy a house? [SA] n=200 Q. Please tell us how much is your percentage of loans to buy the house? [SA] n=200
Figure 5. Level of financial support / loans
In general, the level of financial support / loans is different when buying a house
5. LEVEL OF FINANCIAL SUPPORT / LOANS
(33.8)
Under 10%
10% - 20%
21% - 30%
31% - 50% 51% - 70%
71% - under 100%
Full 100%
Loans
(26.2)
Under 10%
10% - 20%
21% - 30%
31% - 50% 51% - 70%
71% - under 100%
Full 100%
Gifted money from family / relatives
Unit (%)
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51 – 60m2 is the next chosen ground area with 21.5%.
Q. Please tell us the ground area of the house that you intend to buy? [SA] n=200
1/4 participants intend to buy a house with the ground area of 40 – 50m2 in the next 2 years
6. GROUND AREA
Figure 6.1. Ground area of the intended house
6.5 25.0 21.5 12.0 12.5 12.0 6.0 3.5 1.0
Under 40m2 40 – 50m2 51 – 60m2 61 – 70m2 71 – 80m2 81 - 100m2 101 – 120m2 Over 120m2 Don't know / Don't specify
area of a house
Unit (%)
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1.7
3.4
6.0
9.4
11.1
8.5
20.5
29.1
10.3
Don’t know / Don’t specify area of a house
Over 120m2
101 – 120m2
81 - 100m2
71 – 80m2
61 – 70m2
51 – 60m2
40 – 50m2
Under 40m2
0.0
2.4
6.1
15.9
14.6
17.1
23.2
19.5
1.2
Don't know / Don't specify area of a house
Over 120m2
101 – 120m2
81 - 100m2
71 – 80m2
61 – 70m2
51 – 60m2
40 – 50m2
Under 40 m2
Q. Please tell us the ground area of the house that you intend to buy? [SA] n=200 Q. Please tell us what kind of house you want to buy in the next 2 years? [SA] n=200
There is quite a difference in the ground area with different kinds of intended house
6. GROUND AREA
While the ground area of 40 – 50m2 is most considered for Row houses (29.1%), the ground area of 51 – 60m2 is preferred for Apartments (23.2%).
Figure 6.2. Ground area of the intended house – By kind of house
Row houses (n=117) Apartments (n=82)
Unit (%)
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There’s quite a difference in the intended area according to the type of house
6. GROUND AREA
For Row houses: Up to 40.0% of the respondents in Hanoi intend houses with the ground area of 40 – 50m2. On the other hand, in Ho Chi Minh city, houses with the ground area of 40 – 60m2 are most considered with 44.4%. For Apartments: While more respondents in Hanoi intend apartments with the floor area of 81 – 100m2 (24.1%), more Ho Chi Minh city respondents consider apartments with the floor area of 51 – 60m2 (35.6%).
Hình 6.2. Ground area of the intended house – By area
ĐVT (%)
2.8
4.2
8.3
11.1
12.5
11.1
22.2
22.2
5.6
Chưa xác định diện tích
Over 120m2
101 – 120m2
81 - 100m2
71 – 80m2
61 – 70m2
51 – 60m2
40 – 50m2
Under 40m2
Row houses (n=45)
Apartments (n=54)
0
3.6
3.6
0
21.4
21.4
35.7
14.3
0
Ho Chi Minh city (n=99)
0
2.2
2.2
6.7
8.9
4.4
17.8
40.0
17.8
Don't specify the area
Over 120m2
101 – 120m2
81 - 100m2
71 – 80m2
61 – 70m2
51 – 60m2
40 – 50m2
Under 40m2
0.0
1.9
7.4
24.1
11.1
14.8
16.7
22.2
1.9
Row houses (n=72)
Apartments (n=28)
Hanoi(n=100)
Q. Please tell us the ground area of the house that you intend to buy? [SA] n=199 Q. Please tell us what kind of house you want to buy in the next 2 years? [SA] n=199 Q. Please tell us where you are currently living? [SA] N=199
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Specifically, Row houses is most preferred by all the SEC groups with the ground area of 40 – 60m2. However, there is quite a difference in term of the intended floor area for Apartments by monthly household income.
Q. Please tell us the ground area of the house that you intend to buy? [SA] n=199 Q. Please tell us what kind of house you want to buy in the next 2 years? [SA] n=199 Q. Please tell us your monthly household income after tax? [SA] n=199
Hình 6.4. Ground area of the intended house – By SEC
Intended area has little change with income
6. GROUND AREA
ĐVT (%)
0
5.4
5.4
5.4
16.2
8.1
13.5
37.8
8.1
Don't specify …
Over 120m2
101 – 120m2
81 - 100m2
71 – 80m2
61 – 70m2
51 – 60m2
40 – 50m2
Under 40m2
0
0
3.6
14.3
7.1
14.3
39.3
17.9
3.6
2.5
0
2.5
15
10
10
22.5
27.5
10
0
3.8
7.7
23.1
15.4
19.2
11.5
19.2
0
2.5
5.0
10.0
7.5
7.5
7.5
25.0
22.5
12.5
0
3.6
7.1
10.7
21.4
17.9
17.9
21.4
0
7.500.000 – 14.999.999 VND
Row houses (n=37)
Aparments (n=28)
15.000.000 – 19.999.999 VND
Row houses (n=40)
Apartments (n=26)
20.000.000 – 30.000.000 VND
Row houses (n=40)
Apartments (n=28)
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800 million – less than 1 billion VND is the secondly-most considered with 19%.
Q. Please tell us the value of the house that you want to buy? [SA] n=200
Figure 7.1. House price
21.5% of the participants intend to buy a house with the price from 500 – under 800 million VND
7. HOUSE PRICE
4.5
21.5
19.0
13.0
15.5
12.5
9.5
3.0 1.5
Under 500 million VND
500 - Under 800 million VND
800 million - under 1 billion
VND
1 billion - Under 1.2 billion VND
1.2 billion - Under 1.5 billion
VND
1.5 billion - Under 2 billion
VND
2 billion - Under 3 billion VND
3 billion VND and over
Don't know / Don’t specify home value
Unit (%)
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1.2
1.2
11.0
11.0
15.9
12.2
24.4
23.2
0.0
Don’t specify home value
3 billion VND and over
2 - under 3 billion VND
1.5 - under 2 billion VND
1.2 - under 1.5 billion VND
1 - under 1.2 billion VND
800 million - under 1 billion VND
500 - under 800 million VND
Under 500 million VND
For Row houses, the price considered in the range of 800 million – under 2 billion VND; however; for Apartments are from 500 – under 800 million VND (23.2%).
Q. Please tell us the value of the house that you want to buy? [SA] n=199 Q. Please tell us what kind of house you want to buy in the next 2 years? [SA] n=199
Figure 7.2. House price – By kind of house
20.5% respondents consider Row houses with the price of 500 – under 800 million VND and 24.4% respondents consider Apartments with the price of 800 million – under 1 billion VND
7. HOUSE PRICE
Row houses (n=117)
1.7
3.4
8.5
13.7
15.4
13.7
15.4
20.5
7.7
Don’t specify home value
3 billion VND and over
2 - under 3 billion VND
1.5 - under 2 billion VND
1.2 - under 1.5 billion VND
1 - under 1.2 billion VND
800 million - under 1 billion VND
500 - under 800 million VND
Under 500 million VND
Apartments (n=82)
Unit (%)
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Row houses: The ground area of under 100m2 is more considered with the price range of 500 – under 800 million VND while over 100m2 is more preferred with price range of 1.5 – under 2 billion VND (27.3%). Apartments: The house price tends to increase with the floor area.
Hình 7.3. House price – By area
The price of the intended house changes accordingly to the area and the type of house
7. HOUSE PRICE
Under 500 triệu
500 – under 800 million VND
800 million – under 1 billion VND
1 – under 1.2 billion VND
ĐVT (%)
Under 71m2
Row houses (n=80)
Aparments (n=50)
71 – 100m2
Row houses (n=24)
Aparments (n=25)
Over 100m2
Row houses (n=11)
Aparments (n=7)
10.0 0.0
22.5 36.0
17.5 30.0
12.5 14.0
15.0 14.0
13.8 4.0
5.0 2.0
2.5 0.0
1.3 0.0
2 – under 3 billion VND
1.5 – under 2 billion VND
3 billion VND and above
1.2 – under 1.5 billion VND
Don’t specify the area
4.2 0.0
20.8 4.0
12.5 16.0
12.5 8.0
16.7 24.0
8.3 28.0
16.7 16.0
8.3 0.0
0.0 4.0
0.0 0.0
9.1 0.0
9.1 14.3
18.2 14.3
18.2 0.0
27.3 0.0
18.2 57.1
0.0 14.3
0.0 0.0 Q. Please tell us the value of the house that you want to buy? [SA] n=197 Q. Please tell us what kind of house you want to buy in the next 2 years? [SA] n=197 Q. Please tell us floor area of the house you intend to buy? [SA] n=197
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The respondents in Hanoi intend to buy Row houses with the price of 1.5 – under 2 billion (24.4%) while the price for Apartments is 800 million – under 1 billion VND (24.1%). In contrary, more respondents in Ho Chi Minh city intend a house with the price of 500 – under 800 million VND for all types of houses.
Q. Please tell us the value of the house that you want to buy? [SA] n=199 Q. Please tell us what kind of house you want to buy in the next 2 years? [SA] n=199 Q. Please tell us where you are currently living? [SA] N=199
Hình 7.4. House price – By area
The intended price is different between Hanoi and Ho Chi Minh city
7. HOUSE PRICE
Hanoi Ho Chi Minh city
House price Row
houses Apartme
nts Row
houses Apartme
nts
n=199 n=45 n=54 n=72 n=28
< 1 billion VND 22.2 44.4 56.9 53.6
1 billion VND and over 75.6 55.6 41.7 42.9
Don’t specify 2.2 0 1.4 3.6
ĐVT (%)
Under 500
million VND
500 - under
800 million
VND
800 million - under 1 billion
VND
1 - under
1.2 billion VND
1.2 - under
1,5 billion VND
1.5 - under 2 billion VND
2 - under 3 billion VND
3 billion VND and
over
Don't specify
the price
Hanoi (n=45) Row houses
2.2 13.3 6.7 11.1 22.2 24.4 11.1 6.7 2.2
Hanoi (n=54) Apartments
0.0 20.4 24.1 11.1 13.0 16.7 13.0 1.9 0.0
HCMC (n=72) Row houses
11.1 25.0 20.8 15.3 11.1 6.9 6.9 1.4 1.4
HCMC (n=28) Apartments
0.0 28.6 25.0 14.3 21.4 0.0 7.1 0.0 3.6
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As a result, the group with MHI from 7,500,000 – 14,999,999 VND intends to buy a house with the price of under 1 billion VND for both types of house, i.e. Row houses and Apartments. Meanwhile, the other MHI groups intend a house with the price of over 1 billion VND for the two types of house.
Hình 6.4. House price – By SEC
The intended area changes with type of house and income
7. HOUSE PRICE
ĐVT (%)
7.500.000 - 14.999.999 VND (n=37) Row houses
7.500.000 - 14.999.999 VND (n=28) Apartments
15.000.000 - 19.999.999 VND (n=40) Row houses
15.000.000 - 19.999.999 VND (n=26) Apartments
20.000.000 - 30.000.000 VND (n=40) Row houses
20.000.000 - 30.000.000 VND (n=28) Apartments
Under 1 billion VND 62.2 67.9 45.0 26.9 25.0 46.4
1 billion VND and over 37.8 32.1 50.0 69.2 75.0 53.6
Don't know 0.0 0.0 5.0 3.8 0.0 0.0
Q. Please tell us the value of the house that you want to buy? [SA] n=199 Q. Please tell us what kind of house you want to buy in the next 2 years? [SA] n=199 Q. Please tell us your monthly household income after tax? [SA] n=199
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1 TỔNG QUAN VỀ NGÔI NHÀ
ĐỊNH MUA
2 SOURSES OF INFORMATION AND INFLUENCE FACTORS
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80.0% respondents will look for housing information from Family / Relatives, and 72.0% will ask Friends / Colleagues. Also, Real estate websites (67.0%) and Official website of real estate companies (61.5%) are the next common sources of information to refer to.
Q. Please tell us which of following sources you will use when buying a house? [Matrix MA, SA] n=200
Figure 8. 1. The most referred sources of information when buying a house
Word - of – mouth and real estate websites are the two channels to be referred the most
8. SOURCES OF INFORMATION
40.5 42.5 47.5 52.0 53.5 54.0 61.5 67.0 72.0 80.0
Ads on TV Classified ads website
Events / Housing Exhibitions
Ads in Newspapers /
Magazines
Real Estate Exchange
Ads on online Newspaper /
Magazines
Official website of real estate companies
Real estate websites
Recommendation from friends /
colleague
Recommendation from family /
relatives
Unit (%)
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35.5% of the respondents choose to trust information referred by Family / Relatives the most among sources. Official website of real estate companies is chosen at the second place with 19.5%.
Q. Please tell us which of following sources you will use when buying a house? [Matrix MA, SA] n=200
Figure 8.2. The sources that are most trustable
Recommendation from Family / Relatives is the most trusted sources of reference
8. SOURCES OF INFORMATION
35.5 19.5 13.5 11.0 8.0 12.5
Recommendation from family /
relatives
Official website of real estate companies
Real estate websites
Recommendation from friends /
colleague
Real Estate Exchange
Others
Unit (%)
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Q. Please tell us the decision factors affecting your purchase of a house in the near future? [MA] n=200
32.0 33.0 33.0 33.5 36.0 38.0 42.0
Financial support from family /
relatives
Based on current real estate
market conditions
Close to work Want realize prearranged plan
Do not want to rent / to live with relatives / friends
Can design / decorate a house
like I wish
Have accumulated
enough money / fund to buy a
house
Figure 9: Factors affecting house purchase decision
The next reason is Want to have a separate place for my family (53.0%) and Get more space for myself (49.0%). Specially, financial factor also plays an important role in the house purchase decision (42.0%).
Want to have a stable place is the top reason for 65.5% of the respondents
9. FACTORS AFFECTING HOUSE PURCHASE DECISION
Want to have a stable place
65.5
Want to have a separate place for my family
53.0
Get more space for
myself
49.0
Unit (%)
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1 TỔNG QUAN VỀ NGÔI NHÀ
ĐỊNH MUA
3 REQUIRED ELEMENTS OF A HOUSE
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*Based on a 5 point scale: 1- Strongly disagree, 2- Disagree, 3-Neutral, 4-Agree, 5-Strongly agree
Q. Please tell us your agreement degree on the following elements of your intended house? [Matrix SA] n=200
Figure 10.1.1. Top ten elements affecting house purchase decision
Legality and Security are the two most important elements when buying a house
10.1 GENERAL ELEMENTS
In addition, other elements such as Solid ground and foundation (4.35 point), Price suits with pocket (4.33 point), A house has good drainage system (4.32 point) are also highly considered.
4.32
4.33
4.35
4.44
4.44
A house has good drainage system
Price suits with pocket
Solid ground and foundation
Security with the house surroundings
Assurance of legal issues when buying house
Top 5 elements
4.14
4.22
4.26
4.27
4.30
Good road conditions near the house
Reasonable price for position of the house
Reasonable price for quality of the house
High quality construction materials (cement, steel,
tiles …)
Waterproof wall when it rains
The next 5 elements
Unit (Mean)
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In which, ‘Price & Legality’ is most observed by the respondents with the mean of score of 4.30. The next is ‘Structure & Facility’ (4.09 point) and ‘Home location’ (3.89 point).
1. Structure & Facility
Mean = 4.09
Near markets, grocery, food stores
Near supermarkets, commercial centers
Near schools
Near exercising locations
Near a main road, boulevards that have bus routes
Near hospitals / clinics
Near office
Located in densely populated area
Good road conditions near the house
2. Home location
Mean = 3.89
3. Price & Legality
Mean = 4.30
Reasonable price for position of the house
Reasonable price for quality of the house
Price suits with pocket
Assurance of legal issues when buying house
Simple payment transaction
A house has good drainage system
Fully equipped light system
A house has full communication system (TV cable, Internet,…) High quality bathroom / Toilet equipments (toilet, shower, washbasin,…)
Equipped with fire alarm system
Waterproof wall when it rains
Fully furnished (Bed, kitchen, fridge, washer,…)
High quality construction materials
Beautiful design
Completely new house
Solid ground and foundation
Security with the house surroundings
As a factor analysis result, ‘Structure & Facility’, ‘Home location’ and ‘Price & Legality’ are the 3 basic factors affecting house purchase decision
10.1. GENERAL ELEMENTS
*Based on a 5 point scale:
1- Strongly disagree 2-Disagree 3-Neutral 4-Agree 5-Strongly agree
Unit (Mean) Q. Please tell us your agreement degree on the following elements of your intended house? [Matrix SA] n=200
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7.500.000 - 14.999.999
VND
15.000.000 - 19.999.999
VND
20.000.000 - 30.0000.000
VND
Factor 1: Structure & Facility
4.01 4.17 4.15
Factor 2: Home location 3.85 3.97 3.87
Factor 3: Price & Legality 4.30 4.36 4.27
Figure 10.1.2. General factors – By area
The respondents in Hanoi evaluate it with the mean of score of 4.38 which is higher than the respondents in HCMC with 4.24 point. Similarly, ‘Price & Legality’ is chosen more by the respondents with MHI from 15,000,000 – 19,999,999 VND.
Figure 10.1.3. General factors – By income
‘Price & Legality’ factor is the most important when buying a house regardless of province or income
10.1. GENERAL FACTORS
Hanoi HCMC
Factor 1: Structure & Facility 4.21 3.97
Factor 2: Home location 3.97 3.82
Factor 3: Price & Legality 4.38 4.24
*Based on 5 point scale: 1- Strongly disagree, 2-Disagree, 3-Neutral, 4-Agree, 5-Strongly agree
Unit (Mean)
Q. Please tell us your agreement degree on the following elements of your intended house? [Matrix SA] n=200 Q. Please tell us where you are currently living? [SA] N=200 Q. Please tell us your monthly household income after tax? [SA] n=200
Copyright © W&S Company Limited - 2013
Ownership period and Usable space (4.35 point) are the next considered elements. Especially, the respondents also consider the elements of security, infrastructure, technology of apartments.
Q. Please tell us the importance degree of following elements when buying an apartment to live in? [Matrix SA] n=82
The group who intend to buy an apartment is more interested in Apartment sales contract (4.62 point)
10.2. REQUIRED ELEMENTS OF APARTMENTS
*Based on 5 point scale: 1- Strongly disagree, 2-Disagree, 3-Neutral, 4-Agree, 5-Strongly agree
Figure 10.2. Top ten elements affecting Apartment purchase decision
4.33
4.34
4.35
4.35
4.62
Technical infrastructure of apartment
Security system
Usable space
Ownership period
Apartment sales contract
Top 5 elements
4.20
4.22
4.23
4.24
4.27
The management of the building
Elevators
Garage
The company is responsible for equipment
maintenance and repair
Sanitation
The next 5 elements
Unit (Mean)
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1 TỔNG QUAN VỀ NGÔI NHÀ
ĐỊNH MUA 4 FEATURES OF THE INTENDED HOUSE BY PSYCHOLOGICAL FACTORS
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19.0%
29.5% 34.0%
17.5%
1: Emotionally volatile group (n=38)
2: Agreeable group (n=59)
3: Well - Organized group (n=68)
4: Extravert and understanding group (n=35)
Q. Please tell us how accurately these statements apply to you? [Matrix SA] n=200
Figure 11. Segmentation of the respondents – by psychological factors
Figure 1. ANOVA (Cluster)
*F-Test (To test the differences between these clusters in a model) with each of the variables in cluster is shown in figure 1 *As the result,, there is a significant difference among clusters with p-value = 0.00 < 0.05.
According to the results of cluster analysis, there are 4 groups with different psychological characteristics when buying a house
11. SEGMENTS OF THE RESPONDENTS BY PSYCHOLOGICAL FACTORS
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Q. Please tell us how accurately these statements apply to you? [Matrix SA] n=200
11. SEGMENTS OF THE RESPONDENTS BY PSYCHOLOGICAL FACTORS
Typical cluster analysis groups are interpreted as the following image:
Emotionally
volatile group
(Group 1)
Agreeable group
(Group 2)
Extravert &
understanding group
(Group 4)
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Q. Please tell us how accurately these statements apply to you? [Matrix SA] n=200 Q. Please tell us where you are currently living? [SA] N=200 Q. Please tell us your gender? [SA] n=200 Q. Please tell us your age? [SA] n=200 Q. Please tell us your monthly household income after tax? [SA] n=200
Respondents’ profile by psychological groups:
11. SEGMENTS OF THE RESPONDENTS BY PSYCHOLOGICAL FACTORS
Unit (%)
57.9
42.1
55.3
44.7
26.3
73.7
36.8
28.9
34.2
HCMC
Hanoi
Female
Male
31 - 40 years old
25 - 30 years old
20,000,000 - 30,0000,000 VND
15,000,000 - 19,999,999 VND
7,500,000 - 14,999,999 VND
Are
a G
end
er
Age
M
HI
Emotionally volatile group (n=38)
44.1
55.9
76.3
23.7
40.7
59.3
28.8
33.9
37.3
Agreeable group (n=59)
47.1
52.9
50.0
50.0
39.7
60.3
38.2
30.9
30.9
Well-organized group (n=68)
57.1
42.9
45.7
54.3
40.0
60.0
34.3
40.0
25.7
Extravert & understanding (n=35)
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Q. Please tell us how accurately these statements apply to you? [Matrix SA] n=200 Q. Please tell us your agreement degree on the following elements of your intended house? [Matrix SA] n=200
Figure 12.1. Features of the intended house by psychological factors
4.13 4.15 4.12
3.89
4.04
3.81
3.97
3.74
4.20
4.42
4.31
3.92
Emotionally volatile group (n=38)
Agreeable group (n=59) Well-organized group (n=68) Extravert group (n=35)
Structure & Facility Home location Price & Legality
The study also showed that Agreeable group appreciates ‘Price & Legality’ as well as ‘Structure & Facility’ more than other groups. Meanwhile, ‘Home location’ is more preferred by Emotionally volatile group (4.04 point).
‘Price & Legality’ is still the leading factor when buying a house for all psychological groups
12. FEATURES OF THE INTENDED HOUSE BY PSYCHOLOGICAL FACTORS
*Based on 5 point scale: 1- Strongly disagree, 2-Disagree, 3-Neutral, 4-Agree, 5-Strongly agree
Unit (Mean)
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Q. Please tell us how accurately these statements apply to you? [Matrix SA] n=200 Q. Please tell us your agreement degree on the following elements of your intended house? [Matrix SA] n=200
Figure 12.2. Features of the intended house by psychological factors (Group 1)
Emotionally volatile group mostly evaluates three elements: ‘Assurance of legal issues when buying a house’, ‘Security with the house surroundings’ and ‘Near hospitals / clinics ’.
1. Emotionally volatile group
12. FEATURES OF THE INTENDED HOUSE BY PSYCHOLOGICAL FACTORS
Assurance of legal issues when buying a house (Mean= 4.29)
Price suits with pocket (Mean=4.29)
Reasonable price for quality of the house (Mean=4.21)
1. Price & Legality
4.20 point
2. Structure & Facility
4.13 point
3. Home location
4.04 point
Security with the house surroundings (Mean= 4.50)
Solid ground and foundation (Mean=4.34)
A house has good drainage system (Mean=4.24)
Waterproof wall when it rains (Mean=4.24)
High quality construction materials (Mean=4.18)
Near hospitals / clinics (Mean= 4.13)
Good road conditions near the house (Mean=4.13)
Near markets, grocery, food stores (Mean=4.11)
Near excercising locations (Mean=4.08)
Near schools (Mean=4.05)
*Based on 5 point scale: 1- Strongly disagree, 2-Disagree, 3-Neutral, 4-Agree, 5-Strongly agree
Emotionally volatile
group
Unit (Mean)
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Agreeable group is most concerned with the following three elements: ‘Assurance of legal issues when buying a house’, ‘Security with the house surroundings’, and ‘Good road conditions near the house’.
2. Agreeable group
12. FEATURES OF THE HOUSE INTENDING TO BUY BY PSYCHOLOGY
Figure 12.2. Features of the intended house by psychological factors (Group 2)
Assurance of legal issues when buying a house (Mean= 4.64)
Reasonable price for quality of the house (Mean=4.42)
Price suits with pocket (Mean=4.53)
1. Price & Legality
4.42 point
2. Structure & Facility
4.15 point
3. Home location
3.81 point
Security with the house surroundings (Mean= 4.61)
A house has good drainage system (Mean=4.53)
Waterproof wall when it rains (Mean=4.44)
Solid ground and foundation (Mean=4.44)
high quality construction materials (Mean=4.42)
Good road conditions near the house (Mean= 4.07)
Near markets, grocery, food stores (Mean=3.93)
Near schools (Mean=3.92)
Near hospitals / clinics (Mean=3.90)
Near office (Mean=3.88)
Agreeable group
*Based on 5 point scale: 1- Strongly disagree, 2-Disagree, 3-Neutral, 4-Agree, 5-Strongly agree
Q. Please tell us how accurately these statements apply to you? [Matrix SA] n=200 Q. Please tell us your agreement degree on the following elements of your intended house? [Matrix SA] n=200 Unit (Mean)
Copyright © W&S Company Limited - 2013
Well-Organized group is most concerned with the three elements: ‘Assurance of legal issues when buying a house’, ‘Solid ground and foundation’, and ‘Good road conditions near the house’.
Figure 12.2. Features of the intended house by psychological factors (Group 3)
3. Well-Organized group
12. FEATURES OF THE HOUSE INTENDING TO BUY BY PSYCHOLOGY
Assurance of legal issues when buying house (Mean= 4.53)
Reasonable price for quality of the house (Mean=4.35)
Price suits with pocket (Mean=4.32)
1. Price & Legality
4.31 point
2. Structure & Facility
4.12 point
3. Home location
3.97 point
Solid ground and foundation (Mean=4.38)
Security with the house surroundings (Mean= 4.38)
A house has good drainage system (Mean=4.34)
Waterproof wall when it rains (Mean=4.29)
High quality construction materials (Mean=4.24)
Good road conditions near the house (Mean= 4.32)
Near markets, grocery, food stores (Mean=4.10)
Near schools (Mean=4.06)
Near hospitals / clinics (Mean=4.03)
Near supermarkets, commercial centers (Mean=3.99)
Well – Organized
group
*Based on 5 point scale: 1- Strongly disagree, 2-Disagree, 3-Neutral, 4-Agree, 5-Strongly agree
Q. Please tell us how accurately these statements apply to you? [Matrix SA] n=200 Q. Please tell us your agreement degree on the following elements of your intended house? [Matrix SA] n=200 Unit (Mean)
Copyright © W&S Company Limited - 2013
Extravert & understanding group is most interested in some elements such as: ‘Price suits with pocket’, ‘A house has full communication system’ – ‘Security with the house surroundings’, and ‘Near markets, grocery, food stores’.
Figure 12.2. Features of the intended house by psychological factors (Group 4)
4. Extravert & understanding group
12. FEATURES OF THE HOUSE INTENDING TO BUY BY PSYCHOLOGY
Price suits with pocket (Mean= 4.06)
Assurance of legal issues when buying house(Mean=4.06)
Reasonable price for quality of the house (Mean=3.94)
1. Price & Legality
3.92 point
2. Structure & Facility
3.89 point
3. Home location
3.74 point
High quality construction materials (Mean=4.17)
Security with the house surroundings (Mean=4.17)
Waterproof wall when it rains (Mean=4.14)
Solid ground and foundation (Mean=4.14)
A house has good drainage system (Mean=4.06)
Near markets, grocery, food stores (Mean= 3.97)
Good road conditions near the house (Mean=3.04)
Near supermarkets, commercial centers (Mean=3.86)
Near hospitals / clinics (Mean=3.80)
Near a main road, boulevards that have bus routes (Mean=3.77)
Extravert & understanding group
*Based on 5 point scale: 1- Strongly disagree, 2-Disagree, 3-Neutral, 4-Agree, 5-Strongly agree
Q. Please tell us how accurately these statements apply to you? [Matrix SA] n=200 Q. Please tell us your agreement degree on the following elements of your intended house? [Matrix SA] n=200 Unit (Mean)
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Q. Please tell us how accurately these statements apply to you? [Matrix SA] n=200 Q. Please tell us which of following sources you will use when buying a house? [SA] n=200
Figure 13. Top 10 reliable sources of information by psychological groups
Besides, the Well-organized group appreciates the information from Official website of real estate companies at 23.5% more than the other groups.
Most respondents of the 4 groups appreciate the information provided by family / relatives
13. SOURCES OF INFORMATION BY PSYCHOLOGICAL FACTORS
Recommendation
from family / relatives
Official website of real estate
companies
Real estate
websites
Recommendation
from friends / colleague
Real Estate
Exchange
Ads on TV
LCDs screen at buildings
Ads in Newspap
ers / Magazine
s
Events / Housing Exhibitio
ns
Real Estate
freelancers /
brokers
Emotionally volatile group (n=38) 34.2 15.8 2.6 13.2 10.5 2.6 7.9 2.6 2.6 2.6
Agreeable group (n=59) 37.3 16.9 20.3 16.9 5.1 1.7 0 0 0 0
Well-Organized group (n=68) 30.9 23.5 14.7 8.8 11.8 0 1.5 2.9 0 1.5
Extravert & Understanding group (n=35) 42.9 20 11.4 2.9 2.9 5.7 0 0 5.7 0
Unit (%)
W&S Company Limited is a 100% Japanese investment. Our main professions are ‘Online market
research’, ‘Web creative’ and ‘Web marketing’. Online research is conducted based on Vinaresearch –
our actively managed over 108,000 members panel with various segmentations across Vietnam.
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